The main pro to having your home or property in a trust is avoiding probate. Probate is very expensive, and it typically takes 10 months to a year. It cost 4% of the first $100,000 and 3% of the next $100,000. It then costs 2% of the next $800,000.

Something important to know is that real estate is valued at its fair market value. So, if you have a $1 million house with a $900,000 mortgage, you don’t have a $100,000 probate, you have a $1 million probate. So, if you want your loved ones to inherit the house instead of having to sell it, it’s best to do a trust.

The con to having your home or property in a trust is that is does cost a little bit. Always avoid Internet bargains because you could get scammed. If you do want to put your property in a trust, have a professional help you.

If you have any other questions, you can get a hold of Reba by phone at (562-621-6300) or go to www.longbeachlaw.com.

About Tim Majka

The team at Imagine Realty specialize in residential and residential income property throughout Long Beach and the greater Los Angeles and Orange County area. Imagine Realty has over 50 years combined experience in the real estate industry and is ranked in the top 1% of real estate teams in Southern California.

Hear what people are saying about us:

Tim went far and beyond what I expected from a real estate agent. He drove me around the city and took me to as many places and I needed to see. This was the first property I’ve ever bought in my life so there was nothing he wouldn’t do to make sure it was right. There real...

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Tim went far and beyond what I expected from a real estate agent. He drove me around the city and took me to as many places and I needed to see. This was the first property I’ve ever bought in my life so there was nothing he wouldn’t do to make sure it was right. There really is nothing he wouldn’t do to please his clients!

I’ve worked with Tim on 3 transactions now and we’ve always had fantastic results! He’s just a really good Realtor and a really good guy. He’s always accessible and I really feel like he has my best interests in mind and that’s what’s so commendable. If it’s the right time ...

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I’ve worked with Tim on 3 transactions now and we’ve always had fantastic results! He’s just a really good Realtor and a really good guy. He’s always accessible and I really feel like he has my best interests in mind and that’s what’s so commendable. If it’s the right time to buy he’ll tell you if it’s the right offer or the wrong offer. There’s just something about him and his company where you just trust what they’re telling you. He’s really a guidance counselor, not just a real estate agent.